Question: (CO A) Which statement is not true about a material weakness? It must be reported to the public. The likelihood that a company will misstate

(CO A) Which statement is not true about a material weakness?

It must be reported to the public.

The likelihood that a company will misstate its annual report is remote (e.g., no more than 1 out of 20).

A significant deficiency that results in a more than remote likelihood that a material misstatement of an annual report will not be prevented or detected.

A strong indicator of a material weakness is an inadequate internal auditor risk assessment function.

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